Bitcoin, the leading cryptocurrency, is at it again. After enduring a sell-off last week, the digital currency has come raging back, surpassing the $8,000 mark for the first time on November 19. It was up 1.3% today to a record $8,140.26 at 7:54 a.m. ET, according to data on CoinDesk.com.

 

Last weekend, the price fell to roughly $5,500 after an upgrade to the network called SegWit2X, which would have caused a hard fork, was canceled. With the update, the idea was to create a new bitcoin version that would have been spun off and increase transaction speeds. The sell-off that followed didn't last long. Since then it has been able to recoup its losses and then some, appreciating more than 47%. (See more: What Happens Now That the Bitcoin Hard Fork Was Canceled?)

Earlier in the year, China banned bitcoin exchanges and initial coin offerings and South Korea followed suit with its own ban on ICOs. The U.S., U.K., Russia, and a host of other countries have warned about the risks associated with this type of largely unregulated currency.

But the cryptocurrency has also received its fair share of support lately. Japan has been embracing cryptocurrency by putting rules on the books to allow consumers to pay for goods and services with bitcoin. It also requires cryptocurrency exchanges to be licensed and face annual audits, giving the currency official approval. Meanwhile, CME gave bitcoin more legitimacy by recently announcing it will launch cryptocurrency futures by the end of the year. (See also: Could Bitcoin Futures Help Limit Volatility?)

Trading in nitcoin has been volatile all year with huge ups and downs depending on news sentiment. The market is equally divided with some betting bitcoin will surge while others claiming it's a scam. JPMorgan Chase Chief Executive Jamie Dimon famously called bitcoin a “fraud,” vowing to fire any staffer that trades in it.

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